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Jupiter European Class I - Income (GBP)

Sell:3,085.06p Buy:3,085.06p Change: 10.05p (0.33%)
Prices as at 24 December 2024
Sell:3,085.06p
Buy:3,085.06p
Change: 10.05p (0.33%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 24 December 2024
Sell:3,085.06p
Buy:3,085.06p
Change: 10.05p (0.33%)
Prices as at 24 December 2024
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Mark Nichols and Mark Heslop joined Jupiter from Colombia Threadneedle (CT) in 2019, taking over management of this fund in October 2019. They have many years’ experience of investing in European companies between them, and built a team of five portfolio managers and analysts since joining Jupiter. The team looks for quality European companies with the potential for sustainable growth, with a competitive advantage that others struggle to replicate.

Prior to taking over this fund the managers built their own respectable track records. While Nichols focused more on larger companies, similar to this fund, Heslop took a lead on smaller businesses.

The fund doesn’t currently feature on the Wealth Shortlist as, while the managers have prior experience, we would prefer to continue to monitor the fund and performance during their time at Jupiter. There are also other managers in this sector of whom we have a more positive view.

Our view on the sector

Europe has been blighted by political issues in recent years. And some European economies are struggling with high levels of debt and unemployment. But it's important to disconnect a region's economic prospects from its stock market prospects. Europe is home to lots of successful businesses that make money across the globe - from the US to high-growth areas like Asia and emerging markets. That means their prospects aren't heavily reliant on Europe's economy. Some investors have overlooked the region in recent years. But we think Europe is a great place to invest for the long term and there are plenty of high quality fund managers to choose from.

Performance Analysis

Mark Nichols ran the CT Select European Equity Fund from November 2011 and co-managed the European Select fund alongside David Dudding from 2015 where he made a meaningful contribution to stock selection on this fund. Past performance isn't a guide to future returns.

Mark Heslop's background is in European smaller companies. He was previously lead manager of the CT European Smaller Companies Fund from 2013 until he left the group in 2019.

Since Heslop and Nichols took over the Jupiter European fund in October 2019, performance has been mixed, though this remains a relatively short timeframe. 2022 was a weak year for the fund partly due to the fund’s quality growth investing style being out of favour . Over the longer term the managers believe the focus on quality could provide resilience over the longer term.

Investment Philosophy

The managers aim to invest in world class, quality companies across the European continent. These companies should have superior growth potential and a sustainable advantage, which makes it difficult for competitors to do better than them over the long term.

Process and Portfolio Construction

In terms of quality, the managers look for businesses that consistently produce cash, have a high return on the money invested in the business, and a competitive advantage that makes them stand out and can be sustained over the long term. This could include companies with the ability to be innovative, those with a brand that customers stay loyal to, or the ability to grow without costs increasing too much. To analyse these factors, the fund managers consider the rivalry that exists between different companies, including the threat of new players in the market.

Importantly, the managers must believe the businesses they invest in can continue to grow over the long term. Strong cash flows help with this and can also provide resilience against tougher economic conditions. They also like companies that make money outside of Europe, so they’re not only relying on businesses and consumers within the continent to grow.

This focus on quality and growth isn’t necessarily unique to this fund. That said, it’s a process the managers have used over many years and that all team members are proactively a part of. In addition, the set up at Jupiter means the managers have the freedom to invest with conviction, while still having appropriate checks and balances in place.

Note that the managers invest in a relatively small number of companies, which means each one can have a significant impact on performance, either positive or negative, and this increases risk.

question mark Manager Track Record Based on HL Quantitative Research

  • CT Select European Equity 1 Acc
  • CT European Select Retail Acc GBP
  • Jupiter European Fund L Class...
  • IA Europe (Excluding UK)
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

24/12/19 to 24/12/20 24/12/20 to 24/12/21 24/12/21 to 24/12/22 24/12/22 to 24/12/23 24/12/23 to 24/12/24
Annual return 9.88% 17.77% -16.91% 18.26% -4.72%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Launched in 1985 as a specialist boutique, Jupiter has grown to be one of the UK's most successful and respected investment management groups. Jupiter currently manages assets spread across a range of UK and offshore mutual funds, multi-manager products, hedge funds, institutional mandates and investment companies.

Jupiter has gained a reputation for achieving outperformance across a broad variety of portfolios specialising in different markets, including UK equities, Europe and bonds.

Information about the fund

Fund manager biography

manager photo
Manager Name: Mark Nichols
Manager start date: 1 October 2019
Manager located in: UK

Mark Nichols joined Jupiter in July 2019 to manage the Jupiter European Fund (Unit Trust) and the Jupiter European Growth fund (SICAV). Prior to joining Jupiter, Mark managed European equity portfolios at Columbia Threadneedle and before that at BMO Global Asset Management (F&C). He began his investment career in the European equities team at Invesco in 2001. Mark has an undergraduate degree in Philosophy, Politics and Economics from Oxford University and a postgraduate degree in Contemporary History & Politics from London University.

manager photo
Manager Name: Mark Heslop
Manager start date: 1 October 2019
Manager located in: UK

Mark Heslop joined Jupiter in September 2019 as a European equity manager and smaller companies specialist. Prior to joining Jupiter, Mark was an equity fund manager at Colombia Threadneedle for 11 years where he managed a global smaller companies fund and a European smaller companies fund. He began his investment career as a chemicals and industrials analyst at Citi in 1999. Mark has a degree in Chemistry from Durham University and is also a Chartered Accountant.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now